UPDATE: Human remains have been found in a shallow grave in Gerogery where police were searching for suspected murder victim William Chaplin.
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Police searched an Olympic Highway property over five days last week with divers called to inspect two dams.
Detective Chief Inspector Winston Woodward said the next of kin has been told of the discovery but police cannot confirm if the remains belong to Mr Chaplin.
"Who those remains are we do not know and they have been sent to the department of forensic medicine for a post-mortem," he said.
"We are not saying we have found William but we have notified the next of kin that we have found, what we believe to be at this early stage, human remains.
"Strike Force Demetrius has now been converted to a full blown homicide investigation."
Mr Chaplin was last seen in May 2010, but was only reported missing by family a week before the search.
Police believe Mr Chaplin was murdered.
Detective Inspector Woodward could not confirm how police were led to search the property but said the current owners have been cooperative and are not involved.
"I call for any people that may have any information at all in relation to the disappearance of William Chaplin," he said.
"At this time there are no suspects I can inform you about and we won't be searching any other properties.
"We have now moved off site and we have finished with the examination of the crime scene there."
Detective Chief Inspector Woodward emphasised that police are still appealing for information.
"If anyone has any information in relation to the disappearance of William Chaplin we urge them to speak to detectives," he said.
IN OTHER NEWS:
"I believe there are people in the community who have known about William's disappearance for 10 years and have failed to come forward.
"I urge them now to do the right thing by William and William's family and come forward and speak to Murray River Police detectives about what they know."
William Chaplin was 25 when he was last seen at the town in May 2010.
Police believe he was living at a home on Main Street, Gerogery only a short distance from the crime scene, when he met with foul play.
Detective Chief Inspector Woodward said the remains are now with the coroner and once the suspected remains are confirmed he will release more information.
Anyone with information is urged to contact Albury police station on 6023 9299 or Crime Stoppers on 1800 333 000.
EARLIER: Albury police uncovered human remains at the Gerogery property where they were searching for missing man William Chaplin.
Detective Inspector Winston Woodward said they can not confirm if the remains found in a shallow grave belong to Mr Chaplin but his next of kin has been notified.
Police searched an Olympic Highway property from Monday to Wednesday last week, but police vehicles remained at the site across the week.
Divers were called in to inspect two dams on the property.
Last week, Detective Chief Inspector Winston Woodward said police received information about the missing man which led them to the address.
Mr Chaplin was last seen in May 2010, but was only reported missing by family a week before the search.
"We do suspect also that a homicide may have been committed," he said.
"Information has led us here and we are looking for a body which we believe could be that of William."
He said the owner of the property was not involved in the matter.